In the simple circular-flow diagram, who buys the factors of production? A) Households only B) Firms only C) Both households and firms D) Neither households nor firms
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In the simple circular-flow diagram, who buys the factors of production?
A) Households only
B) Firms only
C) Both households and firms
D) Neither households nor firms
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- Which two arrows in the diagram depict the following transaction: Stanley purchases the novel, "Night of Sorrows" for his summer reading pleasure. OA. J and G OB. K and G OC. K and M O D. J and M Households M Product O Markets K G Firms Factor MarketsThe circular-flow diagram illustrates that, in markets for the factors of production?Bob and Cho are farmers. Each one owns a 20-acre plot of land. The following table shows the amount of corn and rye each farmer can produce per year on a given acre. Each farmer chooses whether to devote all acres to producing corn or rye or to produce corn on some of the land and rye on the rest. Corn Rye (Bushels per acre) (Bushels per acre) Bob 10 5 Cho 40 8 On the following graph, use the blue line (circle symbol) to plot Bob's production possibilities frontier (PPF), and use the purple line (diamond symbol) to plot Cho's PPF. 200 Bob's PPF 180 160 F3 0+ F4 H r F5 M F7 1 F8 # F9 CI F10
- Farmer Jack is a well-established farmer who owns two plots of land. He refers to his fields of land by names. One field/plot of land is called Gator Plot, and the other one is called Brown Plot. As a farmer, Jack produces Cotton and Grains. Gator plot has a total of 80 acres of land, and in this field, it takes 10 acres to produce 1 unit of Cotton and 20 acres to produce 1 unit of Grains. On the other hand, Brown Plot has 100 acres of land. In this field, it takes 20 acres to produce 1 unit of Cotton and 10 acres to produce 1 unit of Grains. However, because Jack has been farming for a while now, he is worried about overharvesting COTTON because if he harvests too much Cotton, then the land will become barren. Consequently, there is a quantity restriction on Cotton and only Cotton. The restriction is outlined as follows: FIRST, there is a quantity restriction of 4 Cotton in Gator Plot. This means that Gator Plot is allowed to produce a maximum of 4 units of Cotton. SECOND, there is a…Which of the following statements about the use of resources is not one of the key questions in economics? a) How are resources used? b) Where are resources used? c) For what are resources used? Od) For whom are resources used?Economists refer to the inputs that firms use to produce goods and services as a. derived factors. b. derived resources. c. factors of production d. instruments of revenue.
- Sean and Yvette are farmers. Each one owns a 20-acre plot of land. The following table shows the amount of barley and alfalfa each farmer can produce per year on a given acre. Each farmer chooses whether to devote all acres to producing barley or alfalfa or to produce barley on some of the land and alfalfa on the rest. Barley Alfalfa (Bushels per acre) (Bushels per acre) Sean 40 8 Yvette 28 7 On the following graph, use the blue line (circle symbol) to plot Sean's production possibilities frontier (PPF), and use the purple line (diamond symbol) to plot Yvette's PPF.Answer the following three questions based on the following graph for an economy. Wheat, tons ●C 0 B Tractors, number The choice of point B over point A as the optimal product mix for society would be based on:David and Morgan are farmers. Each one owns an 18-acre plot of land. The following table shows the amount of zucchini and watermelon each farmer can produce per yea on a given acre. Each farmer chooses whether to devote a acres to producing zucchini or watermelon or to produce zucchini on some of the land and watermelon on the rest. David Morgan 180 162 On the following graph, use the blue line (circle symbol) to p David's production possibilities frontier (PPF), and use the purple line (diamond symbol) to plot Morgan's PPF. 144 126 100 90 72 54 36 18 0 David Zucchini (Pounds per acre) 12 18 0 Morgan Watermelon (Pounds per acre) 6 90 180 270 360 450 540 630 720 810 900 ZUCCHINI (Pounds) -O David's PPF Morgan's PPF has an absolute advantage in the production of zucchin has an absolute advantage in the production of watermelon. ? is David's opportunity cost of producing 1 pound of waterme pounds of zucchini, whereas Morgan's opportunity cost of producing 1 pound of watermelon is pounds…
- Farmer Jack is a well-established farmer who owns two plots of land. He refers to his fields of land by names. One field/plot of land is called Gator Plot, and the other one is called Brown Plot. As a farmer, Jack produces Cotton and Grains. Gator plot has a total of 80 acres of land, and in this field, it takes 10 acres to produce 1 unit of Cotton and 20 acres to produce 1 unit of Grains. On the other hand, Brown Plot has 100 acres of land. In this field, it takes 20 acres to produce 1 unit of Cotton and 10 acres to produce 1 unit of Grains. However, because Jack has been farming for a while now, he is worried about overharvesting COTTON because if he harvests too much Cotton, then the land will become barren. Consequently, there is a quantity restriction on Cotton and only Cotton. The restriction is outlined as follows: FIRST, there is a quantity restriction of 4 Cotton in Gator Plot. This means that Gator Plot is allowed to produce a maximum of 4 units of Cotton. SECOND, there is a…(a) Suppose that the 149 million square kilometers of land on the surface of the population of 7 billion people in late 2011 or early 2012. population of 7 billion people in late 2011 or early 2012. 4. According to the United Nations Population Fund (UNFPA), the world reached a (a) Suppose that the 149 million square kilometers of land on the surface of the earth was divided equally among this population, so that each person was allotted a square parcel of land How long would the sides of each square parcel be? (b) According to the United Nations Food and Agriculture Organization (FAO), only about 32% of the surface of the earth is considered arable and suitable for farming. If only the arable land was divided into equal square parcels among the population, how long would the sides of each square parcel be? (c) Express your answers to parts (a) and (b) in terms of some concrete unit of length. For instance, you might compare them to the height of the Empire State Building, the span of…Loc and Ashima are farmers. Each one owns an 18-acre plot of land. The following table shows the amount of maize and squash each farmer can produce per year on a given acre. Each farmer chooses whether to devote all acres to producing maize or squash or to produce maize on some of the land and squash on the rest. Loc Ashima Maize (Pounds per acre) 28 18 Squash (Pounds per acre) 6 On the following graph, use the blue line (circle symbol) to plot Loc's production possibilities frontier (PPF), and use the purple line (diamond symbol) to plot Ashima's PPF
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